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Chinese Art Booms at London Sales

But prices for Western art shaky as buyers get credit-crisis jitters

By Jason Farago,  Newser Staff

Posted Oct 16, 2007 9:40 AM CDT
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(Newser) – Could turmoil in the financial world trigger an art market crash? That was the question on everyone's mind in London over the weekend during the Frieze Art Fair and the first major sales at Christie's and Sotheby's since the credit crisis. Though the fairs and auctions had all the energy of past years, prices for Western art were clearly shaky.

Several major works failed to reach their minimum estimates at auction, Bloomberg reports. Buyers continued to drive the market but "played it safe," according to the Journal. What everyone agrees on: prices for Chinese paintings are skyrocketing. A 1995 Yue Minjun work sold for nearly $6 million.

A visitor talks on his mobile phone backdropped by 1993 painting Sunshine by artist Yue Minjun in London, Wednesday Oct. 10, 2007. The painting will be part of the Post-War and Contemporary Art sale at Christie's in London on Oct. 14 and is estimated to fetch between 500,000 to...
A visitor talks on his mobile phone backdropped by 1993 painting "Sunshine" by artist Yue Minjun in London, Wednesday Oct. 10, 2007. The painting will be part of the Post-War and Contemporary Art sale...   (Associated Press)
A photographer takes a picture of the painting named The Massacre at Chios by mainland Chinese artist Yue Minjun at a Sotheby's auction preview in Hong Kong Wednesday, Oct. 3, 2007. The picture is expected to fetch US$1.02-1.54 million in a Hong Kong auction on Oct. 7. (AP...
A photographer takes a picture of the painting named "The Massacre at Chios" by mainland Chinese artist Yue Minjun at a Sotheby's auction preview in Hong Kong Wednesday, Oct. 3, 2007. The picture is expected...   (Associated Press)
An auction house worker looks at the 1986 painting by Jean-Michel Basquiat titled 'The Thinker' in London, Wednesday Oct. 10, 2007. The painting will be part of the Post-War and Contemporary Art sale at Christie's in London on Oct. 14 and is estimated to fetch between 2 - 2.5...
An auction house worker looks at the 1986 painting by Jean-Michel Basquiat titled 'The Thinker' in London, Wednesday Oct. 10, 2007. The painting will be part of the Post-War and Contemporary Art sale...   (Associated Press)
A member of Christie's auction house staff looks at Francis Bacon's 'Study from the Human Body, Man Turning on the Light', in London, Wednesday Oct. 10, 2007. The painting is the highlight of the Post-War and Contemporary Art sale at Christie's in London on Oct. 14 and is expected to...
A member of Christie's auction house staff looks at Francis Bacon's 'Study from the Human Body, Man Turning on the Light', in London, Wednesday Oct. 10, 2007. The painting is the highlight of the Post-War...   (Associated Press)
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art market • London • art • Sotheby's • auction • painting

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